- Latest available (Revised)
- Original (As enacted)
The term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section. A version of a provision is prospective either:
Commencement Orders listed in the ‘Changes to Legislation’ box as not yet applied may bring this prospective version into force.
There are outstanding changes not yet made by the legislation.gov.uk editorial team to Pensions Act 2011. Any changes that have already been made by the team appear in the content and are referenced with annotations.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
This section lists the commencement orders yet to be applied to the whole Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Act you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.
15(1)Section 152 of the Pensions Act 2004 (Board's duty to assume responsibility for scheme) is amended as follows.E+W+S+N.I.
(2)After subsection (1) insert—
“(1A)Subsection (2) applies where the application is accompanied by a protected benefits quotation.”
(3)After subsection (2) insert—
“(2A)Subsection (2B) applies where—
(a)the application is accompanied by evidence in the prescribed form which shows that the trustees or managers of the scheme have taken all reasonable steps to obtain a protected benefits quotation but were unable to do so, and
(b)the Board is satisfied that that is the case.
(2B)The Board must assume responsibility for the scheme in accordance with this Chapter if it is satisfied that the value of the assets of the scheme at the reconsideration time is less than the amount of the protected liabilities at that time.”
(4)In subsection (3)—
(a)after “subsection (2)” insert “ or (2B) ”, and
(b)for “a determination notice” substitute “ a notice to that effect (a “determination notice”) ”.
(5)Omit subsection (4).
(6)In subsection (5)—
(a)after “in subsection (2)” insert “ or (2B) ”, and
(b)for “under subsection (2)” substitute “ under that subsection ”.
(7)Omit subsection (8).
(8)In subsection (10) for “Regulations” substitute “ Where subsection (2) applies, regulations ”.
(9)After subsection (10) insert—
“(10A)The Board may, for the purposes of subsection (2B), obtain its own valuation of the assets of the scheme and the protected liabilities of the scheme as at the reconsideration time (within the meaning of section 151).
(10B)A valuation under subsection (10A) must be prepared in accordance with such requirements as may be prescribed.
(10C)Section 143(3) to (6) applies in relation to a determination under subsection (2B) and a valuation under subsection (10A) as it applies in relation to a determination under section 143(2)(a) and an actuarial valuation obtained under section 143(2)(b).
(10D)In the application of section 143 by virtue of subsection (10C)—
(a)references to the relevant time are to be read as references to the reconsideration time (within the meaning of section 151), and
(b)references to the pre-approval period are to be read as references to the period which begins immediately after the reconsideration time, and ends immediately before the Board first issues a determination notice under this section.”
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Click 'View More' or select 'More Resources' tab for additional information including: